Good morning and welcome to the iOCO 2025 full year results webcast. With me today is Ashona Kooblall, our Chief Financial Officer, and you have myself, Rhys Summerton, who's the Co-Chief Executive Officer. We look forward to taking you through these results and the progress that we have made in a very rapid time. To move on to slide two, you would remember that, when Dennis and I got involved in iOCO, we set in place a three-stage strategy. That was, The three steps were, one, cost rationalization. Two, an approach called radical autonomy or decentralization, and then capital and resource allocation. How have we done? Well, on cost rationalization, we've done a lot of hard work, after just one year, and we think we can put a tick in the box there. On decentralization, well, that's in progress. It was only implemented at the start of 2025, but we think the teams are grasping the enormous opportunity they have before them. Then the exciting part is the capital and resource allocation. 2026 looks set to be a year where iOCO will generate significant capital, which we can allocate in the most appropriate way for all stakeholders. For the first time in three years, iOCO is profitable. We've generated strong operating cash flows, and that has helped us reduce debt by ZAR 354 million. We've largely solved the debt issue on the balance sheet. All continuing business units are now profitable. Recurring revenue is now at a very strong base of 48% from 37% last year, and we look forward to more progress on that, which we'll discuss at the end of the presentation. Then we've aligned incentives for our key executives to deliver sustainable returns and improved customer focus. What that looks like on some of the key profitability metrics is that gross profit has improved by 2.4% to ZAR 1.6 billion. EBITDA is up by 50% to ZAR 516 million. Importantly, that's translated into cash generated by operations of ZAR 567 million. We've had almost a 100% cash conversion ratio for the group. A little bit more on Radical Autonomy or decentralization on slide four. These are the key business unit heads which drive the business. They've grasped the opportunity, even though they've only been in their roles for a few months. Already, we are seeing the benefit of this approach. On slide number five, you will see some of the key wins in the second half of 2025. This has driven overall revenue growth of 4.4% in the second half of 2025. Where does that leave iOCO as a group? We think iOCO can be a South African tech champion. We've reinvigorated the cloud business. We've focused more attention on cybersecurity and look forward to adding to that business in future. Internationally, we've shown the diversity of the business by supporting growth in Egypt and Saudi. A bit more on the international reach on slide seven. You'll see on the bottom right just the size of iOCO. iOCO generates revenue of ZAR 5 billion just in South Africa. Added to that, we've got international operations which are generating ZAR 583 million, which drove growth in the second half of 2025 as well. Then finally, one of the parts of iOCO that has been consistent for over seven years is its level one BEE empowerment rating. We want to better harness the opportunity of our empowerment credentials in future years. I'll come back at the end of the presentation to speak more about capital and resource allocation, but for now, I'll hand over to Ashona for a financial review. Thanks, Rhys. Hi, everyone. A pleasing set of results for the financial year. The progress shows that our decisions have enhanced our financial stability and positioned the group for disciplined, profitable growth. We have continued to experience strong demand for our core offerings and an even broader international presence. This has resulted in higher profits and margins, improved cash conversion, and growth in EBITDA while maintaining disciplined cost control. This outcome reflects careful execution, a more accurate operating rhythm, and a strong focus on delivery. Looking closer at the shape of our primary earnings statement, it is important to note that no restatements or normalizations were required in FY 2025. All divisions delivered positive contributions. Our FY 2024 figures, shown on the slide, exclude sold entities. Revenue generation remains strong with a slight decline of 1.2%. Revenue continues to reflect the impact of IFRS 15 related to agent principal mix impacting our hybrid deal structures. It is well worth noting that the group delivered a 4.4% revenue growth in H2. Due to shifts in the agent principal mix between FY 2025 and FY 2024, gross profit offers a more accurate measure of business performance, with a 2.4% increase reflecting the strength of our underlying operations. We performed well on earnings with a significant increase compared to the prior year, with operating profit growing by 403%, with net finance costs improving by 28% driven by our improved net debt and cash position. EBITDA and operating margins increased, demonstrating the earning potential of a more streamlined and better aligned iOCO. We have transformed the company from a HEPS loss of ZAR 0.0021 per share in the prior year to a profit of ZAR 0.40 per share. From a revenue analysis perspective, we continue with a strong presence in the private sector with a focused strategy to grow out our private and public sector. Our strategy is to continue to prioritize annuity and contract work that offers recurring revenue and quality margins. Although our geographic presence remains focused on South Africa, our international operations are a crucial element of our diversification strategy, covering various regions and currencies for the future. As a team, our focus has been to strengthen recurring revenue, convert more project wins into long-term contracts, uphold disciplined pricing, and safeguard margins and cash conversion. An important milestone was a step change in cash generated from operations. Our opening net cash balance rose from ZAR 155 million to a closing cash balance of ZAR 399 million. Cash generated from operations was an impressive ZAR 567 million, and this is as a result of disciplined working capital management and quality earnings. You will see on the following slides that we have cut debt and interest sharply, enhancing our ability to grow free cash flow. Our working capital has shown meaningful improvement driven by disciplined and proactive management. The most critical levers remain trade receivables and payables, which continue to be closely monitored and managed, especially in our diversified services offerings. Our focus remains on optimizing working capital cycles, improving cash conversion, and maintaining healthy trade account dynamics to support operational agility and financial resilience. In this slide you will see the reduction of the group's bank term debt and interest payments over the past year, with a total of ZAR 199 million capital and interest paid towards our term debt in FY 2025. We have significantly reduced group overdraft usage this year. We have reduced annual debt repayments from over ZAR 700 million in FY 2022 to ZAR 319 million in FY 2025. What is pleasing to note is that the repayments for the current year were fully funded from cash generated from operations. A marked improvement from the past, where proceeds from sale of assets were the source of debt repayments. Our balance sheet remains healthy with improved liquidity. We increased Net Asset Value by 51% through strategic asset optimization and prudent equity management. The group's net debt has decreased by 59% compared to FY 2024. To clarify our net debt position, bank debt totals ZAR 541 million, partially offset by ZAR 399 million in cash and ZAR 105 million allocated to working capital commitments. This results in a net debt figure of ZAR 247 million, reflecting a balanced and well-managed capital structure. We delivered business EBITDA of just over ZAR 1 billion in FY 2025 compared to ZAR 967 million in FY 2024. To further explain, business operational EBITDA refers to the aggregate EBITDA of operating divisions before corporate and centrally held running costs. The year-on-year stability reflects disciplined execution in a challenging environment. We have also seen a significant reduction in corporate and central costs from ZAR 578 million in FY 2024 to ZAR 402 million in FY 2025, which has materially lifted group profitability and shows the benefit of right sizing and disciplined cost management. We expect to see further benefit in FY 2026 from efficiencies that we executed in FY 2025. Here is a view of our key financial metrics. Interest Cover more than doubled from 3.4 to 6.7 x with EBITDA of ZAR 516 million. The Net Debt to EBITDA ratio is a healthy 0.48 times, reflecting a strong liquidity profile and ample headroom for strategic investment. This low gearing underscores our ability to navigate market conditions while maintaining financial flexibility and supporting growth initiatives. Return on Equity improved from negative 17% to positive 34%. This is a decisive reset of the balance sheet and quality of earnings, positioning us for stronger, more predictable cash generation. On that note, I would like to hand over to Rhys to take you through our business outlook. Thank you, Ashona. I'll just take a moment to publicly thank Ashona for her incredibly hard work that she's put in. I think anybody that's been a stakeholder in iOCO should be really appreciative of Ashona and her team and the hard work they put in. We thank Ashona for coming back and joining iOCO again after leaving for a little while. The turnaround wouldn't have been possible without her. We thank her very much for that. Moving on and continuing with talent management. Dennis and I have been part of iOCO for just over a year, and we thought we would give the employees of iOCO a present. Towards the end of 2025, we made an announcement and a decision, and the announcement was that all staff needed to return to the office. The presence went down really well with junior staff as they're able to learn from the more experienced staff members. The iOCO offices are alive with activity, the office is buzzing. So far, it's really been a net positive for our clients as well, who've benefited from the improved service delivery. I think the risks involved with doing that were that we're gonna see much higher staff turnover. That hasn't materialized, so it's been a win from all sides. Right. Moving on to capital allocation on slide 22. We've divided capital allocation into three parts, share buybacks, balance sheet optimization, and acquisitions. This is how we see the capital that iOCO generates being allocated into the 2026 year. You'll see each of these bars overlaps or is staggered, so it gives us the flexibility, as opportunities come across our desk. Let's discuss share buybacks. You would note that we've already started a small share buyback program. This was started during the blackout period, and the number of shares in iOCO has already started to reduce. We started with 630.3 million shares, and we're down to 629.7 million with an average price of ZAR 4.11 per share. We expect this to continue. Acquisitions. Acquisitions are very exciting. Historically, iOCO created enormous value by following an acquisition strategy. We want to get iOCO back to being the leading South African technology services business. To do that, we're seeing a lot of opportunity to make acquisitions. So far, we've kissed a few frogs and not many have turned into princes. We do look forward to kissing a few more, and hopefully we will see the benefits of the hard work we're putting in in searching for acquisitions. Each of these acquisitions that we look at will create value for iOCO and enhance the value proposition for our clients. Our job isn't done. As we said in the annual report, Dennis and I joined out of necessity just over a year ago, but we stayed involved because of the opportunity. The opportunity is to continue to strengthen the leadership team at iOCO and focus on creating value for our clients. We want to improve the scalability of the group, as well as the recurring revenue business that we receive, which is already improving. We want to follow through on this approach of pursuing local and international acquisitions. There's also the opportunity to rebuild some past relationships with technology partners, which will only enhance the offering that iOCO makes to its clients. Where does that leave us? On slide 26, we've provided some market guidance, and this market guidance is EBITDA of ZAR 580 million-ZAR 600 million. We want recurring revenue to improve to 60% of overall revenues, and we guide to above 60 cents per share of free cash flow. Long term, we continue to target double-digit free cash flow per share growth. We thank you for your time, and we hand over for questions. Right. Thank you for joining once again. We have time for question and answers. We've got some questions already submitted, so thanks for those. Just a reminder, you can ask anything. Everything's open, and we're happy to discuss it. With me is Ashona and Dennis. We're here to provide any answers you might require. The first question that we've had come through already is, it's worded like this. It says, "Per public research, South Africa and Sub-Saharan African growth is 10%-13%. What is keeping iOCO back from achieving the market growth?" It's an interesting question, something that we've thought about. If you take our peers that are part of listed companies or are listed themselves, I think what you will see is that our growth is, particularly in the second half, which inflected to that 4.4%. I think what you'll find is that that number probably compares very positively with our peer group. Secondly, I think this probably answers your question more directly. iOCO is still missing some parts that will provide a full service offering. Part of the acquisition strategy is gonna be to fill in areas that are faster-growing parts of technology services. I think we would hope that we could get to better than market growth over time. We're not gonna get there immediately, but over time, I think on the actual core businesses and through acquisition, we will get to better than market growth. Hopefully that answered that question. The next one, we have a question about the assessed loss in the business and the deferred tax asset. We're not gonna provide too much information about that, but I think what we will confirm is that we do have over ZAR 1 billion assessed loss, and we will look to utilize that in future years in the most appropriate way. I think that's where we'll leave that answer. The next one is. Let's have a look. Okay. The question is, if you start growing top line again, why, how are you thinking about working capital investments? I think we'll address that overall. If you think about top-line growth, what iOCO has done incredibly well in this period is take that top line, grow GP margin, and then that drives EBITDA. For the first time in three years, the conversion from EBITDA to cash flow is around 100%. That's exceptionally positive. Any kind of top-line growth translates into free cash flow. Free cash flow gives us options. It's kind of the oxygen of the business. You'll note that a business like iOCO, if you look at the cash flow statement, it's got no CapEx. You have a business that, you know, trades at like 4x EBITDA, although it's got no CapEx. You know, we think that that's kind of a very close proxy for cash flow before tax. Over time, we would want to use that number to have a bit of a war chest on the balance sheet to make acquisitions, as well as continue our strategy with even more focus on share buybacks. That's part of our capital allocation regime. Right. We'll go into the next question. It says, "Can you elaborate further on repairing relationships with technology partners?" That's a good question. I think in the past, iOCO has had, you know, very strong relationships with partners. I think, you know, what we've said is we want to rebuild some of those relationships, and where possible. Sometimes it's just not possible to rebuild that. Technology is changing all the time, and so as technology changes, you want to be on the front foot with attracting new partners. I think that's something we've been pretty proactive with, and the benefit of that will come in future years. There's another question. It says, "I see the joint CEOs achieve no remuneration for 2025. Please unpack why they are doing this in terms of the share remuneration and other business focuses of the joint CEOs." Well, that's a good question. I think, Dennis and I, love that question. I'll go back to the annual report. We kind of joined iOCO, you know, out of necessity. Dennis had a large investment in iOCO, and we built it up. As we've run this investment, we've seen that there's lots of opportunities still. I think we've stayed involved, you know, out of the opportunity. We don't get any kind of remuneration for it from a salary point of view. That's been very positive, I think for shareholders. I think what we would want to look for in the future is further appreciation of our investment in the business. Hopefully the work that we're doing will result in a fairly good outcome for us. It's already been a good outcome for me. Right. Next question. I can't actually see any more. If there's any more questions. Okay. There's a question here. "Can you please advise if you're still capable of reducing staff or head office expenses?" That's a good question. What you would have seen is that we've cut a lot of costs during 2025. As you're cutting costs during 2025, you only see the benefit of the full cost-cutting in 2026. You should still expect to see some benefits on the cost line, particularly central costs coming through. That was the hard work that was done in the prior year. That will continue. We still think there's some inefficiencies in the business. I think any business has inefficiencies, and I think we'll continue to show that in 2026. I don't think though that reducing staff is always the way. I think it's an important point to make that the staff that we've reduced have hardly impacted the client-facing part of the business, and that's a really important point to make. I think client-facing staff have largely been unchanged. We've kept that intact. The restructuring that you've seen and the turnaround has been really a calculated approach to cutting expenses that were maybe part of a needless head office structure. Let's see another question here. Acquisitions are a big part of the strategy, and you have mentioned you will target faster-growing companies. How attractive does your 4,000 client base make iOCO from the perspective of companies targeted by you? Well, that's exactly the point. It's a great question. That's how we think about the business. If you can find bolt-on acquisitions, and I think we hope to probably make between four to six acquisitions in the next year. If you take bolt-on acquisitions, plug them into iOCO, they might have a very limited footprint at this point of the companies that you're buying. You plug them in, we have access to thousands of clients. iOCO touches, you know, most of South Africa, corporate South Africa in some way, plus the public sector. As you target. As you plug in those businesses, you really get an amazing opportunity for them to scale up their business. The idea is you make the acquisition based on their present run rate of revenue. You plug in to your client base, and that should have an outsized return. The beauty of iOCO is that we have, you know, two mechanisms to buy businesses. One, we can use our growing cash pile, and secondly, we have the equity. You know, you want to have a balance of the two, and equity kind of keeps the company you're acquiring motivated to perform. It's a really good combination which few other companies in our space have the benefit of. We have a question which says this: Please, can you talk about the opportunities in the public sector, Egyptian operations, and the opportunity given the country is now turning the corner. Public sector, I think you would have seen the percentage of revenue coming from public sector has actually fallen a little bit more in this year, but we think it's stabilized at this point. I know Dennis is you know, exceptionally optimistic on the growth rate in the public sector going forward. We think there's a lot of work to do. We've started to benefit from that. We also have this very strong BEE credentials, which maybe we haven't done a as good a job as we should have in promoting that and also the broad service offering that iOCO has. Public sector, we think we're actually quite excited about. Egyptian operations, that's a very good point. Egypt is turning. There's growth coming out of that market. But I think, you know, what we see is not only Egypt, but also the whole Middle East region and particularly Saudi as an amazing opportunity for us. If you think about, you know, how we allocate capital, one of the areas that I think we're probably most excited about is share buybacks, acquisitions, and then investing some of that money into the region. We already have kind of critical mass in Egypt. We have a very good operation there under Asset. There's opportunities there to expand that business, use it to leverage relationships across the region. As I said, we're very excited about the opportunity in Saudi. You know, that region is kind of similar to South Africa. If you can do well in South Africa, you should do very well in the Middle East. Let's wait for another question. Cash balance right at the top. At the top. I think we have a question about the cash balance. Let's have a look. Okay. The question is, What would a healthy cash balance for iOCO be, and what will excess cash be used for in the next financial year? It's a good question. I'll tell you my view and then I'll hand over to Ashona for a second. Take a step back and you know, I've kinda said this before in answer to a previous question. iOCO has got exceptionally high conversion from EBITDA to cash. This business doesn't require CapEx. What you can do is you can build up cash very quickly in this business if it is managed correctly. The opportunity is, I think, not so much to run the business with excess cash, but where the fun part comes in is allocating that cash and that's what we're very excited about, you know. We are listed, we are public, so it gives us that option of share buybacks. As I've discussed, we've got the option of acquisitions, and then we have this balance sheet optimization. I'll hand over to Ashona as well to give you her take on that. Yes. Thank Rhys. Thanks, Rhys. This is a highly cash generative business when run properly. I agree with Rhys. We will continue to focus on strong cash conversion and free cash flow share growth. Cash will be used to optimize the balance sheet, continue buybacks when attractive and returns-tested acquisitions. Good. Let's see if there's any more questions. There's some staff that have come with some interesting questions about yearly increases and working from home. Of course, we're not gonna answer those. We'd refer you to your business unit CEO. I'm sure he'll look forward to answering those questions for you. There's a question about back to the office, the cost impact in 2026. I think in terms of our guidance that we've provided, ZAR 580 million-ZAR 600 million EBITDA, that incorporates any additional costs that we're going to incur. We will incur more costs. We've taken on more office space in Cape Town and in Johannesburg, and that will obviously hit the business, but we've factored that into the forecast already. There's a question on the share buyback. Share buyback of 1.8 million shares was announced, which is 0.3% of the issued share capital. That's true. It's very small. You have authority for up to 10%. What are your plans in this regard? As long as iOCO, as long as the share price is trading at a value that we believe is substantially below its intrinsic value, we will be buying shares back. We have the cash and the cash flow to do it. We have authority for 10% now, but then, remember we have an AGM coming up in December, and so we get that authority renewed again if shareholders agree. We will be able to continue with buybacks. You know, I think in the presentation, we showed a slide which showed the share buybacks relative to the cash that we anticipate being generated. There's a lot of flexibility with that. That's the beauty of share buybacks. You have the flexibility to deploy the cash at the right time, as well as based on the other opportunities that you see. If there's more acquisitions, you can scale back a bit on the buyback. If there's fewer acquisitions that you are pursuing, you can buy more shares back, depending on what the best use of that capital is, what's gonna generate the highest incremental return on capital. I think you would have to, you know, trust us with those decisions. At this point, as I said earlier, iOCO trades at like 4 times EBITDA for a business that doesn't have CapEx. For us, I think we'd still be very active in the market at this point now that we're out of the blackout period. I think those are all the questions that we've had. I think that's more than we had last time. Thank you for joining us. I think we will probably have the AGM online this year. That's the next time we'll communicate with the market. We thank you for your interest. If you have any questions then please contact the team. Thank you very much.